Evernorth Files to Mint 11.5M More XRPN Shares, Eyes More XRP 🐋

Ripple-backed Evernorth Holdings has filed a prospectus with the U.S. Securities and Exchange Commission covering approximately 11.5 million XRPN shares to support the build-out of its XRP treasury. The SEC filing from October registers 11,499,992 Class A common shares, which would become issuable upon the exercise of public warrants held by investors.

The public warrants carry an expiration date of December 27, 2032, and a stated exercise price of $11.50 per XRPN share. According to the filing, as of October 16, the prospectus price of XRPN stock was $15.45, while the XRPN warrant traded at $4.16, placing the warrants in the money relative to the exercise price.

Evernorth stated in the filing its intent to issue additional shares and use proceeds to acquire more $XRP, in line with its stated treasury strategy. The company noted it will not receive any proceeds from the sale of shares by selling holders, but would receive cash from warrant exercises carried out in cash at the $11.50 strike.

The number of XRPN shares ultimately issued under the prospectus will depend on how many warrant holders choose to exercise their warrants. The 11,499,992 figure represents the maximum shares covered by the registration rather than a confirmed issuance. The XRPN registry documents a Class A shares issuable equity-level registration at $11.50 a share, with shares last traded at $15.45 and warrants at $4.16 on October 16, leaving the warrants in the money. Evernorth said it plans to issue more shares to purchase additional $XRP.